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Property News

PR1MA to review 20 terminated or pending termination projects — Shahidan

PR1MA Malaysia Corporation (PR1MA) will review the potential of about 20 projects under it that have been or will be terminated so that these can be developed based on concepts that suit current needs.

Its chairman Datuk Seri Dr Shahidan Kassim said the initiative was planned to boost the construction sector and the housing market.

“In 2019, PR1MA underwent a rationalisation process as part of the PR1MA Transformation Plan. As a result, out of 94 projects that had agreements signed, 32 have been or will be terminated,” he told a press conference, here, yesterday.

Shahidan said that as of March 31, PR1MA had 62 projects, worth about RM14 billion, that were underway nationwide.

He said a total of 20,587 units had been completed, 24,756 units were under construction while 7,420 units were still being planned.

He explained that PR1MA will also pay special attention to projects that are being developed but have experienced delays such as in Tebrau Residence and Melaka Tengah 2.

He said the Tebrau Residence project is currently in the process of receiving vacant possession and will be handed over by April 30 while the Melaka Tengah 2 project is currently in the process of appointing a rescue contractor.

Apart from that, Shahidan said PR1MA also continued to find solutions to help the target group to own a house, especially in the challenging economic period, including through the introduction of the rent-to-own (RTO) scheme.

According to him, PR1MA is currently refining the terms and implementation mechanism of the RTO scheme as announced by the government in the 2021 Budget, and the scheme is expected to be launched in June.

Source: EdgeProp.my

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